Trade Secret

A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information used by a business to obtain an advantage over competitors within the same industry or profession. Although the precise definition of a trade secret varies by jurisdiction, three factors are commonly required for information to be entitled to trade secret protection:

The information is not generally known to the relevant portion of the public.

The information confers an economic benefit on its holder.

The information is the subject of reasonable efforts to maintain its secrecy.